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Organizers of the Arab Business Challenge, the region’s largest business contest, have extended the deadline for entries to the competition following huge interest from participants across the Arab world.

Teams now have until Wednesday 29th March to register and until Friday 31st March to submit their business ideas for the first round of the Challenge.

The two winning teams will receive up to US$1 million each in funding to start up their businesses. They will also be coached by leading businessmen in their countries to help develop their ideas.

The participants will also be featured in an exciting TV reality show to be aired on Al Arabiya, one of the leading news channels in the region.

The Challenge is open to people from all backgrounds, including students. Teams of two or more participants, aged between 18 and 40 are eligible to enter the competition. Half of the team must comprise of Arab nationals from countries in the Arab world. Registration forms are available online, and participants can call for more information.

“The interest generated by the Arab Business Challenge has been tremendous. As one of the main aims of the challenge is to attract and reflect the diversity that exists within the region, we are particularly pleased with the range of backgrounds and experiences among the teams that have responded so far,” said Sameer Al Ansari, Young Arab Leader and Chief Executive Office of Dubai International Capital.

The Arab Business Challenge is being organized by the Arab Business Angels Network (ABAN), an organization founded by Dubai International Capital and the Young Arab Leaders.
Participants have to submit business ideas to enter the competition. The two winning business plans, to be selected by a distinguished panel of judges, will receive up to $1 million each in start-up funding from Dubai International Capital.

The Arab Business Challenge is supported by Dubai International Capital, Dubai Holding, Young Arab Leaders, the American University in Dubai, the American University of Cairo, the Lebanese American University, Yarmouk University Jordan, McKinsey and Company, PriceWaterhouseCoopers and Al Arabiya TV.

ABAN aims to support the economic development in the pan-Arab region, with particular emphasis on youth, entrepreneurs and investors.

Based in Dubai, the region’s business capital, ABAN is the ideal platform to complement the economic development objectives of the Arab world and launch creative and exciting entrepreneurial ventures.

Who Can Apply for USD 1 Million Funding?

Teams: Two or more participants
Ages: 18 to 40
Applicants: Nationals or Residents of countries in the Middle East and North Africa region*
Education: High school or above
Deadline: March 29, 2006

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